Solution - Compound interest (basic)

18625.36

18625.36

Step-by-step explanation

Use $A = P {(1 + r / n)}^{(n t)}$ with $P = 16, 034$ , $r = 1 %$ , $n = 4$ , $t = 15$ .

Compute period rate and exponent: $\frac{r}{n} = 0.0025$ , $n t = 60$ , so the growth factor is $1.1616167816$ .

Multiply principal by growth factor: $16, 034$ × $1.1616167816$ = $18625.36$ .

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Compound interest appears in savings, loans, and investments. Understanding it builds strong financial literacy.